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As much as $19 billion worth of Chevron's properties in Argentina were embargoed by an Argentine judge in response to an environmental damages case in Ecuador, said Enrique Bruchou, a lawyer representing the plaintiffs. Subsidiaries carry out Chevron's operations in Argentina. "Plaintiffs' lawyers have no legal right to embargo subsidiary assets in Argentina and should not be allowed to disrupt Argentina's pursuit of its important energy resources," the company said.

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An Argentine court's decision to uphold an embargo of Chevron's assets in the country could jeopardize the company's shale natural gas agreement with YPF. The nearly $1 billion deal could be finalized only "if we can get the right conditions in place around that embargo," said Chevron Chairman and CEO John Watson. "We have to be able to access that cash."

Criminal charges against Chevron executives over a Brazilian offshore oil spill are baseless, the company said, adding that it will cooperate with the country's authorities to resolve the problems caused by the incident. "We are confident that the objective analysis of the facts will demonstrate that we acted in a responsible way," Chevron said.

Regulators were in a rush when they prepared new permitting rules for offshore drilling, said Gary Luquette, president of Chevron exploration and production in North America. But regulators are sincerely trying to respond to questions raised by the oil and natural gas industry, Luquette said. "It was not a 'black hole' where you were not hearing anything," he added.

Chevron said it anticipates difficulty restarting some wells after eruptions at Alaska's Mount Redoubt forced it to halt drilling in the Cook Inlet this month. The company has suspended operations at 10 platforms, some of which are on unstable clay formations that could break up when work resumes.

Chevron says financial-market turmoil will not deter it from spending nearly $6 billion on expansion in Asian this year. Spokesman Kurt Glaubitz said the company has a $5 billion credit facility and had $8 billion of cash at the end of the second quarter.